This is a duplicate of release issued at 7:01, for
8 January 2003
JOHN WOOD GROUP PLC
TRADING UPDATE
John Wood Group PLC, the international energy services company, issues the following pre-close period update ahead of
the announcement of the Group's preliminary results for the period ended 31 December 2002.
Wood Group sustained strong progress during 2002 and anticipates its overall performance for the full year to be in
line with expectations. The Group's broad geographic coverage, its business spread, and, in particular, its focus on
less cyclical activities continue to ensure the relative resilience of its performance.
Wood Group Engineering & Production Facilities has continued to enjoy strong underlying growth. In the Americas, Wood
Group is involved in over 60% of the current deepwater projects in the Gulf of Mexico, is successfully expanding into
the midstream area including the recent award of a $21 million gas to liquids demonstration plant for the US Department
of Energy and, during the period, has expanded into Trinidad and Brazil. A significant proportion of its anticipated
2003 revenues is already under contract.
In line with its goal of increasing business outwith North America, Wood Group Well Support has commenced a significant
performance contract for the provision of electric submersible pumps in Kuwait and has expanded into Algeria, Ecuador
and China. The reduced North American rig count and more difficult political and economic conditions in parts of South
America has impacted on 2002, but Well Support anticipates good growth in both revenues and margins in 2003 as markets
improve and the strategy of internationalisation progresses.
Wood Group Gas Turbine Services has continued to grow revenue in 2002. The North American power market continues to
be slow, but Gas Turbine Services has benefited from significant oil and gas related revenue, a growing power business
outside North America and completion of a number of strategic acquisitions. With this broad mix of oil & gas and
power activities and the earnings from recent acquisitions, Gas Turbine Services is expected to show strong growth in
2003.
The Group's activity levels in Venezuela are currently being affected by the General Strike but, assuming a return to
normal work sometime this quarter, there should be no significant adverse effect on 2003 trading.
Sir Ian Wood, Chairman and Chief Executive, said, ' We have made excellent progress in 2002. Engineering &
Production Facilities had a very strong year and Well Support and Gas Turbine Services both performed creditably in
less than ideal market conditions. The Group has made 5 acquisitions since the IPO last June and we continue to
develop market leadership in our key growth areas. We are well positioned to continue our good growth in 2003.'
- ends -
Footnote:
Wood Group plans to announce its results for the year ended 31 December 2002 on 10 March 2003.
ENQUIRIES:
Wood Group
Alan Semple, Group Finance Director 001 281 828 3534
Chris Watson, Company Secretary 01224 851440
Carolyn Smith, Corporate Communications Manager 01224 851099
Brunswick
Patrick Handley 020 7404 5959
Katya Reynier 020 7404 5959
Note to editors:
Wood Group is an international energy services company with more than $1.5bn revenues in 2001, employing more than
12,000 people worldwide and operating from bases in over 30 countries. The Group has three Businesses: Engineering &
Production Facilities, Well Support, and Gas Turbine Services providing a range of engineering, production support,
maintenance management and industrial gas and steam turbine-generator overhaul and repair services to the oil & gas,
and power generation industries worldwide.
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